Inflation Rate Drops to 15.43% – NBS

Inflation Rate Drops to 15.43% – NBS

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation fell to 15.43% in July 2026 from 15.91% in June.

While the decline may appear positive, food inflation, the component most directly felt by households, accelerated sharply, sustaining cost-of-living pressures.

The NBS report showed food inflation rose to 5.56% in July from 3.75% in June, and on a year-on-year basis climbed from 17.52% in July 2025 to 20.31% in July 2026.

This marked the sixth consecutive monthly spike, rising from 8.89% in January to 20.31% in July.

Stakeholders attribute rising food prices to high transportation costs driven by fuel price increases since the removal of subsidy in May 2023, compounded by global crude oil price hikes linked to Middle East conflicts.

The report also highlighted stark disparities across states. While national headline inflation stood at 15.43%, Adamawa recorded 33.03%, with food inflation at 51.36%. Katsina and Zamfara also posted food inflation above 30%. By contrast, Borno recorded -0.31% food inflation, and Nasarawa 6.88%.

Arc. Kabir Ibrahim, Chairman of Agro Trade Group NACCIMA, warned the situation could worsen. “The imported food forced the prices down, while the cost farmers incur to produce locally was rising. That discouraged many of them and they have stopped farming. Now prices are rising because the government has realized that it cannot continue to import food,” he said.

He added that insecurity, though easing, continues to discourage farmers from going to their fields. Until security improves, he argued, Nigeria will struggle to achieve food security.

The findings raise questions about whether a single national inflation narrative adequately reflects the realities of households in states where food…